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Archive for Mortgage
Jan
18
Understanding the Short Sale Process
Posted by: | CommentsSan Diego Foreclosures For Sale
In real estate industry, short sale has been considered to be one of the worst things that can happen to your house. Of course the top notch on the list is no other than foreclosure. Short sales seem to be much better than bankruptcy and foreclosure. When you plan to sell your house, majority might think you are doing a short sale. This is very common in the areas where house market values went down substantially. And such process has several advantages to those sellers who are on the verge of getting a foreclosure as well as buyers who find for a deal on their next house to live. But short sales can also be confusing, to give you an overview of this complexity, go over the rest of this article.
When you talk of short sale, this is primarily selling a house with a price lower than the mortgage value. A seller who faces the threat of foreclosure engages into a contract with their mortgage lender to get a price for the house that is less than the amount they borrowed. The seller has no income on the sale but stays away from the probable issues and prevents from making it a foreclosed property.
On the other hand, short sale can have some benefits. When sellers decide to dispose the property, they are free from going through the tedious process of foreclosure and avoid the impact of such on their credit record. In a short sale, the seller and the lender talk together and determine the details of the agreement, but it is usually the sellers who finish a short sale to put an end to the existing loan.
The major advantage to the buyers is the fact that they are transferring into a new house at a cheaper price. In addition to that, buyers may think that short sales have other advantage over foreclosures since they will not have any problems on removing the seller from the property.
Certainly, mortgage lenders have other advantages also. In such process, lenders do not have to undergo the complicated foreclosure proceedings. More than anything else, lenders are concerned in getting their money back, and they basically want to stay away from taking the responsibility for disposing the property. Thus, short sale can actually do well to them.
On the other hand, it is inevitable that you can encounter some drawbacks in this process. Initially, lenders will propose to ease the seller of the responsibility of settling the balance of the loan. Thus, sellers should obtain a firm commitment from lenders that says this is part of the agreement. Furthermore, as much as the sellers want to avoid foreclosure, short sale can still affect their credit record to some extent. Hence, sellers should tackle this matter with their lender to know how the procedures will be reported to the credit institutions.
One important thing to consider is that sellers are evaluated if they are qualified for a short sale or not. Take this as an example, few lenders will engage into a short sale transaction with sellers who have a good mode of payment. So, if you are a seller and planning to get a short sale, you will have to talk to your lender and ask the available alternatives.
Overall, if you are a buyer who is planning to enter into a short sale, it would be prudent to get an advice from a real estate broker who can give you a complete explanation of how the process works. In this manner, you can be prepared to incorporate all the necessary information to complete the transaction and live into you new abode.
Jan
17
The New Conforming Loan: is it All it Was Made Out to Be?
Posted by: | CommentsSan Diego Foreclosures For Sale
Home buyers have been waiting in the wings with an air of anticipation for months now as the 2008 Stimulus Package rounded the corner. There were high hopes that we would see low rates for homes that could cost as much as the $700,000 in some markets. Buyers have been sitting on the sidelines waiting for the new rates to become available so that they could more easily afford the more pricey homes that they are interested in. Some feel that there may have been a slight drop in buyer interest during this waiting period as people hoped to stretch their wings a little bit further than what they have been limited to spending so far. With today’s real estate market, no one seems to be in a rush to buy these days. Most people feel that if we just wait a few more months, prices will continue to drop. A recent Countrywide employee was cited as stating that we’ll be seeing the largest volume of adjustable rate mortgages complete their terms during the winter of 2008 and 2009. If rates can’t drop down low enough to support those buyers we’ll see even more foreclosures than the market has already experienced.
So what happened with the new conforming loan? The new deal isn’t quite as good as it sounded. An example would be San Diego where the new conforming loan can extend to include properties up to $697,500 for a single-family home. This is certainly much larger than the prior conforming loan limits of $417,000. But there is a big catch. If your loan isn’t a normal conforming loan, the lenders will be placing extra fees into the loan package for you. Via a variety of small penalties, you’ll likely end up paying nearly 1% higher for a “larger” conforming loan than you would have for a standard conforming loan of under $417,000. So what’s the big deal? Currently, a jumbo loan runs roughly 1.2% higher than a standard conforming loan. So when you see these difference you’ll realize that we really are talking about three classes of loans now.
* The Traditional Conforming Loan
* The New Conforming Loan from HR 5140 which ranges from $417,000 to 125% of the average home price for a community
* The Jumbo Loan for greater than 125% of the average home price for an area
The interest rates seem to run 0.5-1% higher for the New Conforming Loan and 1.2% higher for the Jumbo Loans.
In fact the only reason that the New Conforming Loans strike us as a deal still is that Jumbo Loans have been gradually diverging from conforming loan rates. While the conforming loan rates dropped in recent months, the Jumbo Loan rates have actually increased. This divergence in rates makes the New Conforming Loan seem like a good deal, but in all practicality it only is replacing the prior role of the Jumbo Loans.
What’s this mean to the buyer? It’s business as usual. If you are looking at purchasing a home then don’t let the mortgage sway you. Your rates will be similar as they were in the past. There is some question as to what would happen if you wait until the HR 5140 act expires later this year. If the Jumbo Loan keeps its relatively higher rate compared to the Conforming Loan we may see that the gap will further widen between traditional conforming and jumbo loans truly making it harder to afford the more valuable homes in your area. Currently we have a graduated loan system where rates rise as the price goes up. But when the gap opens up because of the expiration of the New Conforming Loan we may see some real trouble affording homes that require Jumbo Loans. There may be no time like the near future for checking homes for rent. Locking oneself into a property associated with a declining market could cost you more money than the tax savings of purchasing. Instead you may truly save money by renting.
Alan is a writer supporting several web services that include a rental homes site where renters can post wanted ads and home owners can place listings for their homes for rent without cost.
Jan
05
Mortgage Q&A
Posted by: | CommentsSan Diego Foreclosures For Sale
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QEOK.com
Dec
30
The 3 Biggest Misconceptions That Real Estate Agents Have About Short Sale Listings
Posted by: | CommentsSan Diego Foreclosures For Sale
First of all, “yes” some short sales take long to sell and “yes” some short sale listings can be frustrating. But let me tell you this; not all are created equal! With a little patience and a little creativity you can overcome some of the shortcomings of listing pre-foreclosure/short sale properties and make a lot of money by helping homeowners get out from underneath the huge burden of debt and stress they are under.
Let’s deconstruct three of the biggest short sale myths:
Yes, it’s true when it comes to a short sale; the lender is in the driver’s seat. And since they hate to lose money they tend to reduce the amount of commissions by an average of 1%, meaning that if your area pays out 6%, they will only approve 5%, which will be split by both the agents involved in the transaction.
You know what I say to that? Who cares! Be creative! Did you know that there are 7 additional profit centers that can offset your 1% cut in commission? Let’s take a look at what they are:
The “Loss Mitigation Fee” is a fee that we collect only when we successfully negotiate a short sale and have the foreclosing lender pay for all of the closing costs (the realtor commissions, attorney/title company fees, conveyance taxes, etc.).
The average loss mitigator receives an average of 30 NEW files a day. Not a week, not a month but a DAY! That is part of the reason that short sales can take a while, but it isn’t the main reason. The primary reason is because the majority of real estate agents submit short sale packages that are less than adequate and professional! Meaning;
Those and many more reasons cause short sales to get hung up. Once again, take what the defense gives you. If loss mitigators are overwhelmed, then the key is to put together a professional and presentable short sale package guaranteed to get your short sale offer reviewed and approved.
With the right system they are not hard! Let’s take a look at how to overcome the two biggest reasons why short sales blow up right before the closing.
The key is not to have only one buyer but to have a pool of qualified buyers that are pre-approved. The best buyers to keep an eye out for are those that are already pre-approved and that have funds in place to make an actual purchase.
The two easiest ways to do that are: Start networking with every real estate agent that specializes in buyer’s representation. They are easy to find because it is in all of their advertisements. Start working closely with every single mortgage broker or direct lender that you know, or that one of your fellow agents knows.
In conclusion, listing pre-foreclosure/short sale properties can take some time to close. However; in this market everyone needs to stick together and help one another out. By building the right network of real estate professionals, we can all ensure that our listings (short sales or not) do not sit out there without a buyer!
For more real estate industry news and loss mitigation blogs and videos visit www.RealEstateBusinessMentors.com or visit www.AskBobLachance.com for any short sale bank negotiating questions.
Before joining North Shore Enterprises (NSE) in 2004, Bob Lachance was a 4-year-collegiate-scholarship athlete in ice hockey at Boston University where he won a National Championship in 1995. After leaving BU he enjoyed a successful 8 year career as a professional hockey player. Upon retirement from hockey, Bob completed several profitable real estate rehab projects for his own benefit. He then joined NSE as an associate responsible for property acquisitions and loss mitigation/lender negotiations. Bob brought the same determination and work ethic that lead to great success in his professional sports career and thus generated more acquisitions and short sale acceptance letters in a shorter time frame than any associate before or since. His outstanding performance led to a promotion to partner in 2005. Since that time, Bob has taken responsibility for all the day to day operations of NSE. As partner, he has overseen the acquisition of, the loss mitigation, and the disposition of over four hundred properties. Bob continues to be directly responsible for identifying good candidates for acquisition and for overseeing bank negotiations, and has been essential to the success and growth of NSE.
Dec
06
Achieving Victories in the Small Business World
Posted by: | CommentsVictory does not happen painlessly or is given to you on a “silver-plate”. Triumph requires effort, fortitude, objectives and relentless effort. What does success signify? Success is Achievement. Triumph is placing a plan into action with a authoritative time frame and getting that success. It might take a number of tries to accomplish these goals but keep plugging away. Pick up off the ground, sift yourself off, and go on moving frontwards. Persistence and durable effort will allow you to be triumphant every while
We could compute or describe victory in a lot of ways, depending on who we ask. A dairy farmer’s focus of victory will be to a great extent dissimilar than a trainee signing up for the armed services. No matter how one defines victory, they are possible if we make a sole business diagram and group definable goals to make these successes.
Make for sure your goals are definite, reckonable, within reach, relevant and have a time limit. Saying you are ready to be prosperous in two years perhaps isn’t viable or within reach and not detailed. If cash is “accomplishment” to you then a purpose such as “I’m going to raise my revenue by $10,000 all three years is more practical. Rapid term measures can not call for as complete specifics as extended term measures might call for. Lengthy term measures are more achievable if you concentrate on placing “steps” along the road. We can then assess victory in “stepping stones”, which will keep us paying attention and motivated as we get each phase. Each stage could be considered a pleasing victory or achievement.
Are you happy with your time and means? Would you think this as achievements? Are material belongings significant to you? Would this be how you appraise triumphs? There is no accurate or inaccurate answer to these questions. How you characterize achievement is not more or less significant than how another person equates victory. What is imperative is setting goals and accomplishing these goals defined by the S.M.A.R.T principle. (Specific, Measureable, Achievable, Relevant and Time frame).
Victory is just an expressive state or what is considerable to you. Achievement may be a impression of contentment or solely maintaining a conclusive point of view on your thoughts. A sure attitude alone can be so gratifying. Ever detect folks with “downbeat” attitudes tend to possess more troubles in life?
The dictionary identifies “accomplishments” as a “favorable termination of attempts or happenings”. This almost sounds fuzzy but reach backward and examine this meaning two or three more times. It could not be more specific. Victories is not a measurement or computation of “importance” but instead a promising success no matter how many times it takes one to step to that success. This is why goal planning is so important. We cannot accomplish something if we do not plan or place a target as to what we are trying to realize.
With the present real estate marketplace and unemployment we need be confident and keep moving to the fore. If you have been in a reliable field for years and discover yourself laid off do not get depressed. Focus on the intelligence and experience you have and “jump” those obstacles. You will be astounded what you can do by setting fresh measures, creating a plan and facing “face-to-face” anything that gets in your track. We might have had to put up for sale our home, trade in that Mercedes but with a upbeat outlook we will accomplish something. Reach for that victory, one pace at a time.
Wake up every day with a strategy. Work hard at reaching this plan and triumph will be a result. Do what you can to the best of your talent and you will yet again notice those dreams towards the end of the passageway.
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